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Tuesday, July 16, 2024

Vietnam’s e-commerce exports may hit VND296 trillion by 2027

By T. Dao

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HCMC – The rapid growth of global e-commerce presents a valuable opportunity for Vietnam to tap into foreign markets, with the nation’s e-commerce exports projected to reach VND296.3 trillion by 2027.

Research conducted by Access Partnership highlights that micro, small, and medium enterprises (MSMEs) in Vietnam are well-positioned to benefit significantly from the expansion of the e-commerce sector.

Currently, Vietnam’s business-to-consumer (B2C) e-commerce exports are valued at VND80.7 trillion. However, if MSMEs actively utilize e-commerce for exporting their products and services, this figure could surge to VND296.3 trillion by 2027. Moreover, MSMEs have the potential to increase their revenue proportion from 24% in 2022 to an impressive 67% in 2027.

A survey of 300 Vietnamese MSMEs revealed that 86% of them consider e-commerce essential for their export business. MSMEs appreciate the vast global reach and scale offered by international e-commerce platforms, which enables them to access a large customer base across different countries.

Despite the reopening of brick-and-mortar stores following the easing of Covid-19 restrictions, MSMEs still view online shopping as a significant opportunity for their exports. With no barriers hindering the use of e-commerce for exports, 95% of the respondents anticipate at least 10% annual growth in B2C e-commerce exports over the next five years.

Southeast Asia and China are expected to remain the primary export destinations for most Vietnamese MSMEs in the future. However, MSMEs are increasingly prioritizing shipments to Japan, the U.S., and Europe over the next five years.

A survey of e-commerce consumers in key Western countries indicates that Vietnam’s MSMEs are well-equipped to meet the growing demand for goods via e-commerce, with both the frequency of purchases and average spending increasing since 2020.

Nevertheless, MSMEs face challenges such as high customs duties and cross-border logistics costs. To fully leverage the benefits of e-commerce, Vietnamese MSMEs require greater regulatory support and financial assistance.

Access Partnership suggests implementing measures such as establishing cross-border e-commerce trade zones and providing financial grants for exports and e-commerce. These initiatives can assist MSMEs in their efforts to globalize.

During a conference on international e-commerce held on June 7, the Department of E-Commerce and Digital Economy at the Ministry of Industry and Trade announced that it is implementing various measures to boost digital transformation. These measures include finalizing policies on online exports, addressing barriers faced by exporters, and launching educational programs to facilitate globalization.

Last year, about 1,300 businesses accessed these programs, with Amazon Global Selling, the department, and localities organizing nine training courses related to business and export on e-commerce platforms.

According to Amazon Global Selling Vietnam, Vietnamese firms sold 10 million products through the online retailer Amazon in 2022, marking an 80% year-on-year increase.

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